#Saudi Arabia #Riyadh #Themis #Tathabbat #AML KYC

Themis Unveils Tathabbat: A New Era for AML and KYC in Saudi Arabia

In a groundbreaking move for the Kingdom's financial landscape, Themis has officially launched Tathabbat, making it the first business in Saudi Arabia dedicated to Anti-Money Laundering (AML) and Know Your Finance (KYF) regulations. The launch aligns with Saudi Arabia's Vision 2030 initiative, which aims to position the country as a global financial hub while fostering regulatory compliance.

The Importance of Tathabbat

With Tathabbat, Themis seeks to empower Saudi financial institutions and non-financial businesses through innovative KYF/KYC tools designed to combat financial crime effectively. As Saudi Arabia prepares for the upcoming FATF evaluation in 2026, Tathabbat promises to reinforce the existing frameworks for AML and Counter-Terrorist Financing (CFT), boosting transparency and regulatory adherence.

Dickon Johnstone, CEO of Themis, expressed his enthusiasm regarding this expansion into Saudi Arabia. He stated, "Our investment in Saudi Arabia highlights the strategic importance of this region. With Tathabbat, we are committed to constructing a safer financial ecosystem, equipping local institutions with advanced tools to combat financial threats."

Aligning with Vision 2030

Ali Alasiri, the new CEO of Tathabbat, emphasized the synergy between Tathabbat's services and Saudi Arabia's ambitious economic goals. "Saudi Arabia's Vision 2030 is all about transforming the region into a leading global financial center. We are excited to partner with Themis to introduce Tathabbat, which will deliver essential KYF support to businesses navigating this rapidly evolving market,"

Alasiri stated. The initiative marks a shift towards modernization in the Kingdom's financial practices, focusing on developing a robust infrastructure that meets international standards.

Innovative Solutions for Financial Crime Prevention

Tathabbat will utilize cutting-edge technology coupled with in-depth intelligence and research to assist businesses in identifying and managing KYF risks. As a part of Themis, a veteran in AML/CTF technology, Tathabbat stands ready to ensure that Saudi Arabian businesses are safeguarded at every operational level.

This launch also signals Themis' commitment to not just help businesses meet compliance mandates but thrive even within a highly regulated environment.

Through Tathabbat, Themis offers innovative tools to navigate the complexities of financial regulations, heralding a new chapter for businesses in Saudi Arabia. The platform is designed to streamline compliance processes, making it more accessible for various industries, including financial institutions and designated non-financial businesses and professions (DNFBPs).

Conclusion

The launch of Tathabbat signifies a pivotal advancement in Saudi Arabia's compliance landscape. With its strategic alignment with the Kingdom's Vision 2030 and an unwavering commitment to regulatory excellence, Themis is poised to play an integral role in the financial sector’s future. The initiative not only enhances the fight against financial crime but also highlights the Kingdom's ambition to develop a better-integrated global financial ecosystem. For further information, interested parties can visit Tathabbat's official website.